Lender Sues Armada Media
February 15, 2010 at 4:40 AM (PT)
ARMADA MEDIA has been sued by lender WELLS FARGO FOOTHILL over an alleged default on a $16.2 million debt.
The midwestern radio group owns 28 stations and allegedly did not make principal payments from AUGUST through OCTOBER; ARMADA denies the allegations, but hearings on appointing a receiver have been postponed and and minority shareholder TOMMY THOMPSON, the former Secretary of Health and Human Services and Governor of WISCONSIN, told the MILWAUKEE JOURNAL-SENTINEL that the parties are negotiating and he is optimistic a deal can be struck.
CEO CHRIS BERNIER said, "We're dealing with a situation like a lot of companies in AMERICA right now. The banks do what they have to do to protect their interests and protect their rights. ... But the fact that (a hearing) has been postponed and not rescheduled is obviously positive."